Research On BRICS Cooperation In De-Dollarization

After the outbreak of the Russia-Ukraine conflict,the U.S.imposed extreme financial sanctions on Russia,indicating that The international monetary and financial system dominated by the US dollar has been completely reduced to a strategic tool for the U.S.to realize its will.Its neutrality and legitimacy have been completely lost,and it has seriously threatened the financial security of other countries.De-dollarization is gaining momentum.As representatives of developing countries,the BRICS countries are the main victims of the proliferation of dollar hegemony and the main promoters of this round of de-dollarization.The BRICS cooperation in de-dollarization has gradually become a key force in deconstructing US dollar hegemony and reshaping the international monetary system.This article first analyzes the hegemony of the US dollar,and finds that the evolution of the international monetary system is actually a process for the United States to realize its own interests.The hegemony of the US dollar has become the root cause of the turmoil in the world financial system,and the developing countries represented by the BRICS countries have suffered greatly from it,and de-dollarization has emerged as the times require.Then,the BRICS countries’ de-dollarization cooperation basis was investigated,and the analysis found that the BRICS countries have a large economic scale,complementary resource and industry structures,and have enough financial discourse power,which has the potential to challenge US dollar hegemony.On this basis,this paper conducts a comprehensive analysis of the BRICS countries’ basic understanding of de-dollarization,cooperation measures,and the dynamic mechanism that promotes cooperation.There are three findings: First,the BRICS countries’ perception of de-dollarization and their interest preferences are not completely consistent.There are three roles: radical,steady and follower,forming a complex cooperation structure from follower role to radical role,with political and economic interests intertwined;second,the BRICS countries’ de-dollarization cooperation is highly systematic,not only involving currency circulation,but also touching the structural power of dollar hegemony,covering almost every aspect of the survival of dollar hegemony,and initially building a The rudiments of a non-dollar financial system.Third,the BRICS countries have successfully overcome the three major obstacles that hinder the cooperation of de-dollarization by building an inclusive cooperation mechanism and the BRICS strong collective identity.They are collective action dilemmas,state preferences for relative payoffs,and local conflicts among members which have injected lasting impetus into the BRICS cooperation in dedollarization.Finally,the paper assesses the prospects for BRICS cooperation on dedollarization.It is believed that cooperation needs to pay attention to the two issues of de-dollarization common interest intensity and sustainable development.In general,due to the differences in cognition and interest preferences of the BRICS countries on de-dollarization,they do not yet have the strength of common interests required to establish a de-dollarization alliance.However,a non-dollar financial system built by the BRICS countries has already taken shape,and is expected to exert greater influence against the background of the accelerated expansion of the BRICS countries.In the future,as the United States intensifies its strategic pressure on the BRICS countries,the possibility of the BRICS countries transforming into a de-dollarization alliance cannot be ruled out.